Close Out Accounts

Grant Closeout Notification

Ninety (90) days prior to the project end date, a grant close-out email will be sent to the principal investigator (PI). The email will request information regarding the expected status of the grant at the scheduled end date. Please respond in a timely manner.

Closeout Tasks (to be completed by the PI and post-award team)

• Ensure that all expenditure requests are submitted prior to the project end date (purchasing goods, supplies, or equipment in the last month of the project to use up residual funds is not appropriate and can result in disallowed costs in an audit)
• Check that expenditures are allowable and allocable
• Complete separation forms for contingent employees and quick change forms for students
• Complete time and effort reports
• Complete cost sharing commitments/supporting documentation
• The subrecipient should complete the final invoice within 45 days after the project end date (if applicable)

The PI is responsible for programmatic requirements such as technical or progress reports and required data collection and submission. The PI should also submit a copy of all reports to the OSPR. Please refer to the sponsoring agency's terms and conditions for appropriate reporting requirements.

All financial reports will be prepared by the Post-Award team and submitted to the sponsoring agency after PI's approval.

Closing Out Fixed Price Contracts

The procedure for closing out a fixed-price contract is detailed below. The policy, including definition and applicability, can be found on the Grant Management Guidelines page.

One-half the total unspent funds from completed fixed price contracts, after appropriate F&A cost distribution, will be transferred to the appropriate departmental self support account following these procedures. Please note:

• All end products including reports must be delivered and the sponsor must indicate successful completion in order for a project to be in closeout period (not less than 90 days)
• During the closeout period, no unexpended funds may be transferred out
• If F&A costs have been voluntarily waived by the campus, unexpended funds will be used first to reimburse central campus accounts, with the remainder being split between the sponsoring department and the OSPR
• Only unexpended balances greater than $100 will be transferred to unrestricted department accounts; balances of $100 or less will revert to the OSPR

No special revolving department numbers will be established; each department will elect an existing self-support account for this purpose. To avoid transfer delays, departments should inform the OSPR of the department number that will be used for this purpose.